Helpful Tips to Know About Gambling Winnings and Losses
Taxpayers must report all gambling winnings as income. They must be able to itemize deductions to claim any gambling losses on their tax return. Â See below for information provided directly from the IRS: Taxpayers who gamble may find these tax tips helpful: Gambling income. Income from gambling includes winnings from the lottery, horseracing and casinos. […]
Florida Man Finds a Window to Evade Paying Taxes
Thomas Daly, of Fort Lauderdale, FL, pled guilty on June 1, 2017 to tax evasion. According to court records, Daly admitted that from 2002-2015 (with the exception of 2007), he avoided paying taxes on $1.5 million in income by not filing taxes. In 2009, the IRS sent Daly a notice of intent to levy his […]
Your IRS Questions Answered Here…
Question: I just received a letter form the IRS informing me they want to audit my 2015 income tax return. I really didn’t need this right now. What should I do? Answer: First, take a deep breath knowing there is expert help available to you. As part of the IRS’s audit process they’ll ask […]